Turnover Wave Approaches, As More Workers Plan To Quit

Number of the Day: The most relevant or interesting figure in personal finance

NOTD - 29%

The Balance

That’s the percentage of people who say they plan on leaving their job in the next year, according to a new survey, highlighting the potential for massive turnover at workplaces as employees gain confidence to navigate a wide-open job market.

The survey, released by Eagle Hill Consulting on Thursday, also found that more than half of workers—53%—are burned out, with complaints ranging from workload (the top cause of burnout) to work/life balance to lack of feedback.

Employees who are burned out were more likely to say they would leave their current position—a whopping 39% are ready to call it quits “after the pandemic,” compared with 13% of those who did not feel burned out. Eagle Hill did not specify what it meant by post-pandemic.

The consulting firm pointed out that unhappy workers aren’t the only ones thinking of quitting, though. Conditions are right for a “talent turnover tsunami,” said Eagle Hill President and CEO Melissa Jezior in a statement. Companies are struggling to fill a record number of job openings around the country, and more workers are looking to take advantage of increased wages and improved benefits being offered by some employers to attract new talent.

Meanwhile, businesses want to hold on to the workers they have, with layoffs dropping to a record low in April and the number of people initiating claims for unemployment insurance plummeting this spring.

Ipsos surveyed a random sample of 976 respondents May 12-17 for Eagle Hill’s report.

Have a question, comment, or story to share? You can reach Rob at ranthes@thebalance.com.

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